Lease management is tricky at the best of times. It becomes even more complicated in times of growth or stress. Without good lease tracking software, it’s easy for unnecessary inefficiencies, redundancies and costs to creep into your balance sheet. Here are a few reasons why lease tracking software is a foundational investment that will pay off.
Improved visibility
Businesses with leasing activity become inefficient when information silos develop, and the important details are hard to access. Visibility across your business is crucial – without it, rent reviews and expiry dates can easily slip through the cracks.
You achieve visibility with a centralised system. McKinsey identifies centralisation as one of the traits of a highly-efficient company, and it makes sense. When key stakeholders have an innovative, accessible and cloud-based solution, it’s easier for them to see the bigger picture. The right lease tracking software will give you a centralised repository to manage timelines, store business data, and increase visibility across crucial operations.
Efficient workflows
Productivity is crucial in a competitive market. Lease management is one area where it’s easy to lose yourself in detail, slowing projects and hampering the efficiency of your business. CMO Council research shows that mismanaged tasks contribute to millions in losses. And this is without any external pressures on your bottom line.
Automation is one area where lease tracking software can increase speed, reduce human error and save time. Lease management software leads to leaner, smarter and ultimately better work, which is good news for any company.
Better analysis and actionable insights
Business decisions are only as good as the data they’re based on. It’s not just a matter of asking the right questions – it’s a matter of knowing which questions to ask. Harvard Business Review says smarter organisations employ multifaceted interventions to ensure they get the data they need when needed.
Clever, cloud-based lease management solutions improve the accessibility of business-critical data like asset and payment information. When this information is readily available and accessible to all key stakeholders, data-driven decision-making becomes easier.
Improved reporting and compliance
Reporting and compliance are two of the most crucial elements of the lease management process. Regularly reviewing documents, invoices, and all relevant data is important, but it can also be quite an onerous task for workers to manage. When it comes to larger, more complicated lease portfolios, an Excel spreadsheet simply won’t do.
Bringing innovation into your reporting and compliance processes is a no-brainer; a study of ASX-listed companies by the University of Technology, Sydney, found innovative firms perform better, year on year. Innovative lease tracking software can improve your business’s compliance and reporting, making these processes more agile and efficient and making a considerable difference to your company’s bottom line.
Any business implementing lease management will know how complicated this field can be. With innovative lease tracking software, you can transform how you manage your property and asset portfolios, leading to fewer costs and greater ROI.
Nomos One provides leading software solutions for organisations that manage lease portfolios. Learn how to manage large portfolios and get value out of IFRS 16 reporting.
